Public sector lender Allahabad Bank May 15 relieved its
Managing Director and Chief Executive Officer Usha Ananthasubramanian of her
post with immediate effect.
“The Board of
Directors of the Bank in its meeting held on the date has decided that Usha
Ananthasubramanian, MD & CEO be divested of all functional responsibilities
of the Bank with immediate effect,” said the bank in a statement to the
exchanges.
The bank also
requested the Finance Ministry to make suitable arrangements for its smooth
functioning after this decision. She is set for superannuation on September 30,
2018.
Central Bureau of
Investigation (CBI) filed a chargesheet against current and former officials
of Punjab National Bank (PNB) and Allahabad Bank, the
Finance Ministry has directed both the banks’ boards to 'divest' these
officials of their powers.
The chargesheeted
officials include Usha Ananthasubramanian, who was also the former chief of
Punjab National Bank. She has been named by the CBI in the charge sheet
relating to the Rs 14,000 crore-plus fraud at PNB unearthed in mid-February.
Who is Usha Ananthasubramanian?
Ananthasubramanian
(57), was at the helm of PNB from August 2015 to May 2017 after serving as its
Executive Director from July 2011 to November 2013.
She took charge of PNB
at a time when the bank was struggling under a heap of bad loans while being
under the RBI’s scrutiny for deterioration in asset quality.
At that time,
Ananthasubramanian took an aggressive stance on PNB’s non-performing assets
(NPAs) and wilful defaulters. She also refused to take a haircut on loans to
the notorious Vijay Mallya’s Kingfisher Airlines.
Later, she was moved
to lead Bharatiya Mahila Bank, India’s first and only government-owned women’s
bank, which got merged with State Bank of India in April 2017.
After
that, in May she was moved to Allahabad Bank as the MD and CEO and completed a
year at the state-owned bank on May 5.
Source- Moneycontrol
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